FAQ

RENTAL MANAGEMENT FOR LANDLORDS:

  • How much do you charge for rental property management services?

Our standard rate is 10% of gross rents collected, or a minimum of $150/ month, whichever is greater.  We also charge a 50% lease up fee on the first month’s rent. For more details on different service levels, please see our services page.

  • How much do you charge for strata management services?

This can vary greatly depending on your individual needs. We will suit our pricing to fit your budget. We offer a free proposal if you are interested.

  • Can you rent out unauthorized basement suites?

Yes, we will rent out unauthorized basement suites if they conform to our stringent safety standards. In particular we are looking at window specifications.

  • Do you upcharge for maintenance?

Yes, we upcharge only 10% for maintenance. We look at all expenses in an unbiased fashion and spend YOUR money as if it as if it was our own. By only upcharging 10% (unlike higher rates charged by other property management companies) we are able to avoid any potential conflicts of interest. The 10% goes towards processing the paperwork involved with maintenance and repair invoices, as well as the time spent supervising the work. You are also free to handle any maintenance issues yourself with any contractor of your choosing.

  • Who pays for marketing the property?

This is included in the lease up fee that you pay.

  • Do you manage fully furnished suites?

Yes, we will manage fully furnished units, but we require a minimum 6 month lease for all of our properties. We will not manage short term (less than 6 month) fully furnished units.

  • Do you need to be licensed to manage rental or strata properties in BC?

Yes, all Property Management Brokerages in BC must be licensed by the Real Estate Council of BC according to the Real Estate Services Act, and all Rental Property Managers and Strata Managers must be licensed as well. Fort Park Property Management is fully licensed to manage residential and strata real estate by the Real Estate Council of BC, as are all of our employees.

  • How long have you been in business?

Fort Park Property Management has been officially incorporated in the Province of BC since the summer of 2008. The principals began their real estate management and investment careers in 2003.

  • Do you offer discounts for multiple units?

Yes, we will look at price breaks for multiple units within the same complex.

  • Do you charge PST?

No, we only charge 5% GST as per Provincial regulations.
 

RENTAL MANAGEMENT FOR TENANTS:

  • What is your Pet Policy?

The applicant must pay a fully refundable pet Application Fee equal to 50% of the monthly rent. The applicant must also provide a picture of their pet, and we must meet the pet.

  • What is the amount for the security deposit?

The security deposit for all properties is 50% of the monthly rent.

  • How long is the lease term?

We have a 1-year lease for all rental properties however; there is always room to negotiate the term of the lease. We will not provide leases for less than 6 months.

  • How do I set up an appointment to view the property?

If you are interested in setting up an appointment please fill out the application (click here to download a .pdf file) and fax it to us. You will find our fax number on your application. We will contact you within 24 hours to set up an appointment.

Contact us today to get started – Call: 604-447-7275

STRATA MANAGEMENT:

Following are some of the more frequently asked questions that we receive from Strata Owners, Strata Managers, and Strata Councils. Please note that this information is for reference only, and does NOT substitute for legal advice from a lawyer. Please consult a lawyer before making any legal decisions regarding this information.

  • How many people can sit on a strata council?

This would be determined by your strata bylaws. If using the standard strata bylaws, the number is 3-7 members.

  • Can we remove someone from our strata council before his/her term is up?

Yes, a strata council member can be removed from council with or without cause by a majority vote of the owners at a general meeting.

  • Can I be paid for sitting on strata council?

Yes, you can be paid if permitted through either the annual budget, the bylaws, or a 3/4 vote of the owners in a resolution.

  • As an owner of a strata lot, can I attend a strata council meeting even if I am not a council member?

Yes, you can attend the meeting as an observer.

  • Can strata council approve an expense from the CRF without asking the other owners?

Yes, but only in the case of an emergency. This would be to prevent significant loss or damage, or for a safety issue. For all non-emergency expenses a 3/4 vote is required to pass a resolution at an AGM or SGM.

  • Can an owner who is also a REALTOR be a strata council member?

Yes, a REALTOR can also sit on strata council as long as there is no conflict of interest and the council member is acting in the best interests of the strata corporation.

  • I am in arrears on my monthly strata fees. Can my strata corporation charge me interest?

Yes, a strata corporation can charge interest on late strata fees if the corporation adopts a bylaw to do so. The maximum allowable interest rate is 10% per annum, compounded annually.

  • Can a strata corporation prevent a strata lot owner from voting if they are in arrears on their strata fees?

Yes, but only if a bylaw has been passed that prevents an owner from voting if the strata corporation is entitled to register a lien against the lot.

  • What happens if an operating budget gets voted down at an AGM?

The Strata Corporation must then prepare a new budget and hold an SGM within 30 days of the AGM to vote on approving the new budget.

  • What is the minimum allowable insurance coverage for a strata corporation?

A strata corporation must have at least $2 million in liability coverage, preferably more if the property has facilities such as a pool or fitness center.

  • Can our strata corporation borrow money by mortgaging out the guest suite which is shown on the strata plan as common property?

No, common property cannot be mortgaged according to the Strata Property Act

  • Do rules have to be filed at the land titles office?

No, rules are adopted by strata council via majority vote, and do not have to be filed with land titles. These rules are generally included in the council meeting minutes.

  • Can the spouse of an owner who is not on the strata lot title stand for strata council?

No, unless a bylaw has been passed which allows the spouse of an owner to run for council.

  • Can our strata corporation borrow money from our contingency reserve fund to cover a cash shortfall in our operating fund?

Yes, but only if the loan is repaid by the end of the fiscal year AND the loan is for the purposes of covering temporary shortages in the operating fund resulting from expenses being due and payable before the contributions are available in the fund. A common example of this type of loan would be to pay an insurance premium.

  • If a 3/4 vote is required to pass a resolution, are 3/4 of all the strata lot owners required to pass the resolution, or only 3/4 of the strata lot voters present at the meeting?

Only 3/4 of the voters present at the meeting or either by proxy or by person are required to pass a 3/4 resolution.

  • For a resolution requiring a unanimous vote of strata lot owners, if all the voters present at the meeting vote to pass the resolution, will this resolution pass?

No, for a resolution requiring a unanimous vote, ALL eligible owners in the strata corporation must be present either in person or by proxy at the meeting, and vote in favour of the resolution. If even one owner does not show up for the meeting, or votes against the resolution, the resolution will NOT pass.

  • What types of resolutions require a unanimous vote by a strata corporation?

Some of the more common resolutions requiring a unanimous vote by a strata corporation would be removing or changing the designation of limited common property, and changing the unit entitlement of each strata lot from what is currently stated on the strata plan.

Contact us today to get started for rental or strata management – Call: 604-447-7275